Radius Bank Review: Checking, Savings and CDs

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Radius Bank

4.0NerdWallet rating

Where Radius shines:

One checking option has cash back rewards and an interest rate.

Unlimited ATM fee reimbursements.

Free checking and savings accounts available.

Solid rates on checking, savings and certificates of deposit.

Where Radius falls short:

$2,500 minimum balance to earn high checking and savings rates.

Extended overdraft fee of $5 per day, which not every bank charges.

Where Radius shines:

One checking option has cash back rewards and an interest rate.

Unlimited ATM fee reimbursements.

Free checking and savings accounts available.

High rates on checking, savings and certificates of deposit.

Where Radius falls short:

$2,500 minimum balance to earn high checking and savings rates.

Extended overdraft fee of $5 per day, which not every bank charges.

Where Radius shines:

One checking option has cash back rewards and an interest rate.

Unlimited ATM fee reimbursements.

Free checking and savings accounts available.

High rates on checking, savings and certificates of deposit.

Where Radius falls short:

$2,500 minimum balance to earn high checking and savings rates.

Extended overdraft fee of $5 per day, which not every bank charges.

The bottom line

Radius Bank is a full-service online bank, with one branch in Boston. People across the country can open an account and take advantage of features such as generous ATM fee reimbursements. Some accounts offer high interest rates, but you’ll need to satisfy minimum balances to take advantage of them.

Best if: You prefer online banking and can take advantage of the high rates

Read on for more details about Radius Bank’s checking and savings accounts, CDs, bank experience and fees.

Checking: 5.0 / 5.0

The upsides:

Cash back and competitive rate in one account: The new Rewards Checking, launched in September 2019, combines the features of two previous accounts, Hybrid and Rewards Checking. You can earn 1% cash back on signature-based purchases in stores and online (at store checkouts, you select “credit” instead of “debit”). If your balance hits $2,500, a 1.00% annual percentage yield kicks in. If you have $100,000 or more, the rate becomes 1.20% APY.

Fee free: The Radius Rewards Checking has no monthly fee and no minimum balance requirement after the $100 to open an account.

Wide ATM network and unlimited ATM reimbursement: Radius is part of a network of thousands of MoneyPass and SUM-branded ATMs, and the bank doesn’t charge fees for using non-network ATMs. On top of that, Radius Bank issues monthly refunds — with no cap — on fees charged by non-network ATM owners. That includes ATMs abroad, though you still might be subject to international exchange fees.

Early direct deposit. You can receive your paycheck up to two days early, depending on your employer.

Downside:

No interest below $2,500: Your interest will drop to zero if you don’t keep at least $2,500 in the account.

Savings: 4.5 / 5.0

The upsides:

Cheap to maintain: You need only $100 to open a Radius High-Yield Savings account, and there are no monthly fees.

APY is high if you can meet minimum balance requirements: The Radius High-Yield Savings account has an attractive APY of 2.05% on balances of $25,000 or more, and 1.50% on balances of $2,500 to $49,999. It drops to 0.05% APY on balances under $2,500, and won’t earn interest at all if it falls below $10.

Bank experience: 3.5/5.0

Many ways to reach them: Radius offers online chat support, a phone line that operates during the week and on weekends and support via Twitter.

Depositing cash is easy: Some online banks don’t have ways to deposit cash into your account. Radius lets you deposit cash at any ATM in the NYCE network.

Good app reviews: Both the Android and iOS app versions have solid user reviews.

The downsides:

No branches: Though the bank has one financial center in Boston, you should expect to do all your banking online.

Overdraft fees: 2.5 / 5.0

The upsides:

Free overdraft protection transfers: There’s no fee to have money transferred from a linked checking, savings or money market account if you overdraft. You can also link a personal line of credit, but you’ll have to pay some interest.

The downsides:

Overdrafts are expensive: Radius Bank charges $25 for each paid or returned item.

There’s a daily overdraft fee: After the fifth calendar day that you leave your account in the negative, you’ll be charged $5 a day.

»Ready to take the next step? Radius Bank can be a good choice for customers who want fee-free online accounts, good rates, and prioritize avoiding ATM fees. Those who prefer in-person banking might be better off considering a local community bank, credit union or national bank.

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